China & HK Largest Foreign Property Buyers in London
London’s prime housing market is seeing strong interest from Hong Kong and mainland Chinese buyers. There are now some 218,975 properties in London owned by Chinese and Hong Kong buyers, with 98,725 owned by Hongkongers and 120,250 by mainland Chinese.
Purchasers from Hong Kong and mainland China now account for 15% of its international buyer home sales above $1.2 million and 20% of deals above $12 million across prime central London–overtaking investors from Russia and India.
London-based estate agency Beauchamp Estates reports that over the past 6 months it has sold more than $374 million worth of luxury London residential property to Hong Kong buyers in prime locations.
Increased levels of demand are believed to be driven by on-going political unrest in Hong Kong, which began last year when China’s parliament announced plans to implement a new, sweeping national security law.
Further investment in London’s prime market is predicted after the British government announced it will offer a citizenship path to British National Overseas (BNO) passport holders in Hong Kong in response to China passing the controversial law. There are up to 3 million people who are eligible for U.K. residency.